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HomeMy WebLinkAboutItem 7 PPP 11-13-19 Admin Committeee - CAFR FY2018-19_StaffComprehensive Annual Financial Report For the Year Ended June 30, 2019 Administration Committee November 13, 2019 CAFR Purpose Inform 3 Groups •Citizenry•Legislative & Oversight Bodies•Investors & Creditors Independent Auditor -Macias Gini & O’Connell, LLP Meet criteria for GFOA Award •24 Consecutive Awards Present OCSD’s Financial Information Overview 3 Areas of Review •Financial Position •Available Resources •Financial Performance Financial Position •Net Position -$2.4 billion •Change in Net Position -$165.7 million CAFR pg. 65 (Dollars in thousands) June 30, 2019 June 30, 2018 Increase (Decrease) % Increase (Decrease) Total Revenues 477,088 422,528 54,560 12.9% Total Expenses 332,407 279,449 52,958 19.0% Income before capital contributions 144,681 143,079 1,602 1.1% Capital facilities capacity charges 21,032 18,077 2,955 16.3% Increase in net position 165,713 161,156 4,557 2.8% Beginning net position 2,194,789 2,033,633 161,156 7.9% Ending net position $ 2,360,502 $ 2,194,789 $ 165,713 7.6% CAFR pg. 6 Capital Assets CAFR pg. 8 Available Resources CAFR pg. 21 •Cash & Investments -$760.5 million •Increase of $80.1 million Financial Performance –Debt Service Fiscal Year Ending June 30, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Revenues 316.6 330.6 352.5 383.7 395.5 397.1 423.7 432 422.6 477.1 Operating Expenses (1)138.1 143.4 172.3 149.8 146.4 149.2 153.5 150.3 145.6 166.6 Net Revenues 178.5 187.2 180.2 233.9 249.1 247.9 270.2 281.7 277 310.5 Debt Service Requirements Principal Payments 24 25.9 14.4 24 39.6 27.9 29.4 35.6 32.1 31.7 Interest Payments 43.1 46.5 51 53.6 53.2 53.6 50.3 47.1 43.5 44.4 Total Debt Service Requirements 67.1 72.4 65.4 77.6 92.8 81.5 79.7 82.7 75.6 76.1 Coverage Ratios 2.66 2.59 2.76 3.01 2.68 3.04 3.39 3.41 3.66 4.08 Notes (1) -Operating expenses exclude depreciation and amortization expenses. CAFR pg. 71 Financial Performance –Operations Category 6/30/2019 6/30/2018 Change % Salaries and benefits $ 85.5 M $ 67.4 M $ 18.1 M 26.9% Utilities 7.7 M 7.3 M 0.4 M 5.5% Supplies, repairs and maintenance 31.8 M 28.3 M 3.5 M 12.4% Contractual services 26.1 M 29.5 M (3.4 M) -11.5% Feasibility studies 5.9 M 6.1 M (0.2 M) -3.3% Other 9.6 M 7.0 M 2.6 M 37.1% $ 166.6 M $ 145.6 M $ 21.0 M 14.4% •$18.1 million increase in salaries and benefits due to $14.3 million increase in retirement expenses as a result of the change in projected and actual earnings on pension plan investments and changes of assumptions. Information from CAFR pg. 13 and FY 2018 CAFR pg. 13